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iRacing's special offers - usually available a couple of times a yearThere is usually a 'Black Friday' Special in November after Thanksgiving (USA).
Be aware: funds in your iRacing account are non-transferable, nor can they be used to pay for a gift voucher.
All pricing USD.

Pay $20 for $25 credit

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Pay $49 for 12 months membership

With the 2016 price increases in mind, the above specials may not appear again, I have no idea.

Auto-Renew setting noted from iRacing Staff post (4/2015).
"...to let everyone know whenever you renew your account, it does turn the auto renew feature on.
You can easily turn it off by hovering your mouse over Account and then choose My Account.
On the My Account Home page, in the Billing Options section, there is a button to turn it off. "

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"Referring Member Email" field: enter an iRacing member's email address

2015 Season 3:RW's Thread "The cheapskate's guide to cheap racing in 2015 S3"It was a good thread. RW's actions resulted in the thread being removed (28/9/15).
Martin's post shows a screenshot before the thread was removed.
I have his images filed somewhere, ask if you want them.

2015 Season 2:
At a glance you can see the concept of driving included tracks/cars.

Post this anywhere you like but please don't include my real name. This is the internet, it's full of weirdos.

Thought I'd do this to indicate what free/cheap racing is available (ie with no purchases or minimal purchases). If it proves useful I'll do this every season. Not going to cover the 20/36-week series as I'll be here all day! If you decide to purchase something for a series, check its past participation to ensure that it runs at times that suit you. You can find this by selecting the series and clicking results to look over past weeks.

Production Car Challenge (D license and above as at Rookie 3.0 you get a D)
Cars - BOTH FREE
All Tracks - FREE
Driving standards - MUCH better than rookie MX5
Notes: Avoid the weeks it runs at Summit on either of the Jefferson layouts.

Mazda Cup (Rookie license)
Car - FREE
All Tracks - FREE
Driving standards - Good if you're in a higher split, around 1350 SOF it's guys who joined yesterday, below 1000 and you're into the fiery depths of hell.

Blancplain Sprint/Endurance Series (D for endurance, B for sprint)
Cars - Some deals got the ford GT3 free, otherwise not. Ford GT3 will get you these series + World Sportscar Championship, while the RUF will get you the same plus the RUF Cup.
Free Weeks
- Week 12 - Free Track (Laguna Seca)
Driving Standards - Sprint can be a mixed bag, lots of very aggressive driving, a popular series with all that implies.